The price band has been fixed at Rs 75 to Rs 79 per share, with a lot size of 189 shares. At the upper end of the band, the issue values the company at a pre-IPO market cap of Rs 575 crore. The IPO will close on February 24, with listing scheduled on February 27 on the BSE and NSE.
The company plans to utilise the net proceeds primarily for funding capital expenditure towards the establishment of new IVF centres, repayment or pre-payment of certain outstanding loans and general corporate purposes. Out of the fresh issue proceeds, Rs 50 crore will be used for setting up new IVF centres and Rs 20 crore towards debt repayment, as per the offer documents.
Gaudium IVF operates in the assisted reproductive technology segment, offering fertility treatments such as IVF, ICSI and IUI through a hub-and-spoke model. It has expanded to more than 30 locations, including seven hubs and 28 spokes, across multiple states. The company is positioning itself as a scalable, pan-India fertility services platform.
Financial performance and positioning
Gaudium IVF reported revenue of Rs 70.72 crore in FY25, compared with Rs 47.89 crore in FY24 and Rs 44.23 crore in FY23. Net profit for FY25 stood at Rs 19.13 crore, up sharply from Rs 10.32 crore in FY24, reflecting a strong turnaround.
The company reported EBITDA margins of around 40% in FY25 and a return on equity of 21.25%. Pre-IPO earnings per share stood at Rs 3.12, with a pre-issue P/E of 25.36 times.
Should you subscribe?
Swastika Securities has assigned a “Subscribe” rating to the issue. In its note, the brokerage highlighted that Gaudium IVF is India’s first pure-play listed fertility services company, offering a scarcity premium in a fragmented IVF market.
It also pointed to the company’s improving profitability and healthy margins, though it flagged the valuation at the upper band as relatively premium and noted a Rs 31 crore tax dispute as a key risk.
Kunvarji Wealth Solutions has also recommended “Subscribe” to the issue in its IPO note, citing the company’s expanding multi-location presence, improving financial profile and strong positioning in a high-growth IVF market.
Analysts say the issue may suit investors looking to gain exposure to India’s growing fertility services segment, backed by improving financial performance and expansion plans, but valuation sensitivity and sector-specific risks remain key factors to consider.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)